my wife falls in love again
By Daddy Neil
@neildc (17239)
Lapu-Lapu City, Philippines
June 17, 2008 9:20am CST
after 10 years of moving from places to places, renting a room or a house for my family, my wife and i decided to own a house. we do house hunting for almost 3 days, searching for subdivisions and low cost housing projects. we found lots of projects, some are on going construction and there are some yet to be started but already accepting reservations. we found a very nice project and my wife said that she actually fell in love with it (love a first sight).
we made a lot of inquiries from different developers. the lowest price of the house and lot, that we've seen is 750 thousand pesos. if we have the money, we can get the unit right away. but we don't have that amount so we have to loan from the government agency which is the PAG-IBIG.
this is how the house and lot would be paid through the loan.
selling price is 750,000
loanable amount is 650,000
reservation fee is 15,000
equity is 85,000
some more additional fees like insurance and processing
now when we try to compute the money that we will be needing to own that house, we stopped dreaming. where will we get the money for the reservation fee? for equity which needs to be paid in 12 months? never mind the loan amount that we will be paying for in the coming 25 or 30 years.
i work alone in the family. i have a regular job. i receive a monthly salary of less than 10,000. i can pay for the monthly amortization. but if i am a poor, or should i say poorer than me, those people considered poorer of the poor, can i have my own house and lot? how can i have my dream house? is this the kind of low cost housing that the government has promised?
3 people like this
13 responses
@se7enthbird (8307)
• Philippines
17 Jun 08
i very much feel your shoes here buddy. my wife and i also longed to have our house of our own. we did also some searching but the search is over. just like you we felt betrayed. betrayed by our own government. how can they call this low cost house if you need to get more than 750 thousand pesos. just like your wife my wife falls in love with a house too but i know her heart just broke when we found out how much money we have to need just for initial payments.
@neildc (17239)
• Lapu-Lapu City, Philippines
18 Jun 08
searching is tiring for we done for almost 3 days. and that feeling was replaced with pain. so we stopped dreaming for awhile.
@honeybeemay (371)
• Netherlands
17 Jun 08
Whatta subject neil! I thought, oh gosh..your wife?!?..lol..
anyway, about that housing project in Philippines. I agree with what the rest have just said....these realty companies targetting OFWs.. i really agree with this. Too bad for those who can't afford to buy their dream house. I think I'd rather prefer to have just a simple nipa house than to have that so called "low cost house". 
Dreaming cost nothing but to make that dream come true cost a lot of energy and money...
Dreaming cost nothing but to make that dream come true cost a lot of energy and money...2 people like this
@neildc (17239)
• Lapu-Lapu City, Philippines
18 Jun 08
it was actually entitled low cost housing as i was writing it. but for the reason that my wife had a love-at-first-sight of it, i changed it when i was actually posting it. anyway, thanks may for the response. we really stopped dreaming after the house hunting. but i guess that would be for awhile. anyway, as you said, dreams are for free...
@tholitz (1127)
• Philippines
18 Jun 08
I think it is still better to dream for a house than to rent. Maybe you and your wife should continue to look for other housing project that really cost not that much. I have heard that Vice President Noli de Castro have housing projects that have an affordable price. I just don't know how big (or should I say small) it is and the quality and feature of the house. I think it is still good to live alone and have a home that you can call your own. Maybe this is one reason why many people are decided to work in other country.
Don't lose hope and keep on dreaming until you finally attained it (of course with a lot of hard work).
@neildc (17239)
• Lapu-Lapu City, Philippines
18 Jun 08
the house that i mentioned is actually one of VP Noli's project. I couldn't be mistaken. I saw the poster at the site. now, is the government really serious of helping the poor? that dream house of ours will remain a dream. i just wait for the government take it seriously.
@rsa101 (37968)
• Philippines
17 Jun 08
Nice title by the way I was caught by surprise it was about housing. 
Well sad to hear that you will still need that amount to get your dream house. I too am looking for to own my own dream house but you said it right its just that hard to get one especially if you are the only one earning for the family. I am not hopeless though, the poster above also said it right that those that are able to work abroad are the ones that can really afford to buy a nice and decent housing in here. Most of these realty companies are indeed targetting OFWs since they are really the ones that can afford to buy one. Too bad for us left in here.
Well sad to hear that you will still need that amount to get your dream house. I too am looking for to own my own dream house but you said it right its just that hard to get one especially if you are the only one earning for the family. I am not hopeless though, the poster above also said it right that those that are able to work abroad are the ones that can really afford to buy a nice and decent housing in here. Most of these realty companies are indeed targetting OFWs since they are really the ones that can afford to buy one. Too bad for us left in here.2 people like this
@longbangod (1785)
• Philippines
17 Jun 08
Hi Neil, may I know the lot and floor area? I think for a lesser area you could find lower price also. Though this time when everything is already expensive maybe 750T is the lowest price already for a house and lot.
I got mine 6 years ago. For a 155 sg.m lot and 55 sq.m floor area. The price was still 573T. We took it through Pag-ibig, after about 4 years it will be fully paid already. Thanks God!
SO go on with your dreams, take it, i think you can afford it. Its better than paying a rent every month but you wont own the house you are renting.
By the way equity could be extended to more few months, say 18 to 24 months, just try to negotiate it.
Good luck!
2 people like this
@neildc (17239)
• Lapu-Lapu City, Philippines
18 Jun 08
the lot area of that 750K house is only 40 or 45 i guess. that is far behind your 573K lot. that is really my point, i pay the monthly rent and still, after 10 or more years here, this house is not mine. good for you that you already have your dream house. and it is only 4 years to go... thanks...
@allen0187 (58444)
• Philippines
19 Jun 08
hi neil.
owning a house of my own is also something i'm aspiring for. currently, i'm renting and it really is more advisable to pay for a house that you'll eventually own rather than pay your landlord. however, hosuing is really a problem here in the philippines. either, you get avail of low-cost housing units that are really far or you pay a premium amount because its strategically located.
i'm actually thinking of getting a condo unit instead of a house. i think ownign one is a better alternative than a house. that's just me though. anyway, good luck to all of us and may we have a home to call our own in the near future.
@neildc (17239)
• Lapu-Lapu City, Philippines
19 Jun 08
thanks for the response, allen. that is right, those located outside the city have lower price than those in the city. isn't that condos are more expensive than town houses? you maybe rich, allen...
@juliefaye (1214)
• Philippines
2 Aug 08
Neil, if you're still interested try to go to pag ibig office and look for those rent to own houses. They are foreclosed houses and its like you're renting it then own it after sometime depends upon negotiations with pag-ibig.
It's not true that you have to work abroad just to own a house. I own mine because our sister company who is a developer build low cost housing for the employees and I avail it thru salary deductions then when I resigned half of my separation pay goes to the full payment of my house. I got it at 428k in 1997 68sqm lot area and 48sqm floor area enough for us and my 2 kids plus my parents.
Low cost housing are not that bad, bathroom and sinks are tiled as well as the floors have vinyl tiles. It depends upon who's the developer, maybe i have some luck that this is the first subdivision made by our sister company.
Good luck to you, I hope you own one soon.
@neildc (17239)
• Lapu-Lapu City, Philippines
2 Aug 08
that will be one of my next moves, to check with the pag-ibig office. you really are one of the lucky people who came to avail of that house. i also agree with you that those houses depends on the developers. we checked different locations with different developers. we found one that is also of the same price and size, but can you imagine, we still have to put some improvements to the unit. they came with no rooms, as we have to put the divisions, walls and even the stairs got no railings. thanks for sharing my friend.
(star 91 @ 1392)
(star 91 @ 1392)
@julyteen (13252)
• Davao, Philippines
2 Aug 08
750,000 is not anymore low cost housing, have you considered the structure if it's worth that mention amount? we have low cost housing here intended for the poor and it is under the Habitat foundation, many for individuals avail to this opportunity. me and my girl friend also longing to own a house so we went last month to the office of Pag-ibig housing office, we decided to assume house and lot that was already for close. we are now negotiating the present owner of the house but we need 50,000 and the owner will grant us to live the house. still searching the funds that we can give to the owner.
@Hatley (163781)
• Garden Grove, California
17 Jun 08
hineildc we have much the same housing problems in the us
the cost is just sky high and few people can afford to
buy these homes. I can see ten thousand isnt going to cut
it but is there any way your family like your parents could
loan you the down payment or reservation fee I guess you call
it? I do not understand the equity payment, isnt that just what accumulates as you pay the monthly payments? could your wife
work also that might make the difference. I hate seeingyou people not able to buy that house, wish I could help but I am
juist a poor senior woman with advice and no money. good luck.
1 person likes this
@neildc (17239)
• Lapu-Lapu City, Philippines
18 Jun 08
let's talk about the 750K unit. the only amount loanable from the government agency is 650K. so there is already a difference of 100K. and that is what they call equity, the amount which they will not get from the agency, meaning you have to pay it to the developer. reservation fee of which is 15K will be deducted from the 100K equity. that is how the agent explained it. now, for the equity alone, my family will be the ones to suffer more...
@ayessa (1583)
• Philippines
2 Aug 08
Oh I was just computing the amount of money that will be left for your family but it seems not that enough. Its really hard to imagine how poor people can have thier dream houses nowadays.
Yeah the government really promises lot of things that they don't know if the people can really afford it. Yes it is affordable though it will only be if the poor people will no longer eat food daily which I think is not good. And that maybe one of the reasons why squatters will never end.
@neildc (17239)
• Lapu-Lapu City, Philippines
2 Aug 08
you are right there ayessa, poor people like me, though have jobs, still can't afford to get that low-cost house just like the government calls them. and if me, for example, got a house of that kind, we will surely sacrifice a lot and food for our table will be one. thanks for sharing my friend.
(star 91 @ 1392)
(star 91 @ 1392)
@dhangski (3194)
• Philippines
17 Jun 08
Actually best, before my husband left for Canada. We have been dreaming of owning our own house too. We have looked at some low cost housing. But it's true, where can we get money for those miscellaneous things that we will be needing like reservation fee, equity, etc. My husbands' salary is not really enough for us to own a house. And I don't have trust on that low cost housings. We don't really know how it was built, the materials used. For me it's not safe. And yes, if you're poor, you can't own them. I think what the government wants is just publicity, for people to say that they've been doing good. I'd rather build my own house, it doesn't matter if it takes months or years to built it as long as I know how it was built. I guess, nowadays, if you want to own a house, you have to work hard and have a double job in order to save money for it.
1 person likes this
@neildc (17239)
• Lapu-Lapu City, Philippines
18 Jun 08
and the thing is, the government and the businessmen are the ones who benefited from this kind of projects...
@salonga (27775)
• Philippines
18 Jun 08
I feel for you my dear! It's really quite hard to get your dream house with the computations you've given. But please don't stop dreaming but rather start striving more and do all the savings you can afford. God is good just keep on praying and He will help you get one soon. I have been through that kind of situation also when I was newly wed, I thought owning a house is the hardest thing because of the high price but I did not stop from striving and praying, soon the Lord heard my pray and now I can't really imagine how come we now own a 'mansion' of our own as what my friends would describe.
@neildc (17239)
• Lapu-Lapu City, Philippines
18 Jun 08
it's nice to hear that you already have your own, my friend. thanks for responding. and for the encouragement...
@janebeth (2032)
• Philippines
16 Jul 09
neil,,
hahha, what a title, it really caught my eyes.. i also have a dream house but still i need to earn more, huhuhu.. i think i need to work 24 hours a day for me to but the house, i think it ranger from 2-3 million pesos, ouch..!!! it's so heavy..!!
GOOD LUCK to me...
janebeth.
